According to Visiongain’s latest analysis, the global Small Modular Reactor (SMR) market is projected to grow from US$6.10 billion in 2027 to US$22.85 billion by 2037, representing a 14.1% CAGR during the forecast period.

Utilities, governments and energy-intensive industries are seeking firm, low-carbon power that can be added in increments. Small modular reactors, with outputs of up to around 300 MWe and factory-built modules, are increasingly positioned as that option. In September 2026 the IAEA raised its nuclear capacity projections for the sixth consecutive year, projecting that global capacity could more than triple by 2060, with SMRs a significant new source.

Key Market Growth Drivers & Industry Transformations

Water-Cooled Designs Lead as Licensing Milestones Build: Water-cooled SMRs account for the majority of market value and are driving near-term deployment. The NRC issued TVA a construction permit for a GE Vernova Hitachi BWRX-300 at Clinch River in late September 2026, establishing a licensing route for future applicants. Ontario Power Generation is building the first BWRX-300 at Darlington, Rolls-Royce SMR signed its contract for three 470 MWe units at Wylfa in April 2026, and Holtec has applied for a construction permit for two SMR-300 units at Palisades.

Advanced SMRs and Multi-Module Plants Gain Momentum: Advanced SMRs are growing at a faster rate than the overall market, driven by high-temperature designs targeting industrial heat, hydrogen and data-centre applications. TerraPower’s Natrium plant received an NRC construction permit in March 2026 and began nuclear construction in April, Kairos Power broke ground on its Hermes 2 plant in April 2026, and X-energy listed on Nasdaq in April 2026. Terrestrial Energy agreed in May 2026 to develop co-located molten salt plants with data-centre developer Riot Platforms.

Technology Companies Broaden Demand: Technology and data-centre companies are becoming significant SMR customers, providing revenue visibility that supports project financing. Data Center / Technology Company Deployment is projected to be the fastest-growing commercial model over the forecast period. Google has agreed to buy up to 500 MW from Kairos Power, Amazon holds options for more than 5 GWe of Xe-100 projects, and Meta’s agreements support up to 2.8 GW of TerraPower capacity by 2035.

Supply Chain and Standardisation Progress: Developers are building the manufacturing and supplier networks required for serial production. In September 2026 Rolls-Royce SMR launched a supplier programme offering up to US$1.87 billion of UK contract opportunities. Siemens Energy announced UK manufacture of steam-turbine components, and ABB and Rolls-Royce SMR signed a memorandum on automation and instrumentation. Westinghouse and Amentum agreed to support development and NRC licensing of the AP300 SMR.

Regulatory Pathways Maturing: Regulators are creating repeatable licensing pathways that reduce time and cost for subsequent applicants. The TVA permit at Clinch River establishes a template for future BWRX-300 projects. X-energy entered the Xe-100 into the UK Generic Design Assessment in June 2026, and Rolls-Royce SMR’s design is in the final stage of that process. HALEU fuel availability and tariffs on structural materials remain near-term cost and schedule risks.

What This Means for the Market

The small modular reactor market is entering a phase of early commercial deployment. Construction approvals, offtake agreements and supplier programmes are moving the sector beyond demonstration and establishing the commercial case for repeat deployment at scale. Regional growth reflects U.S. and Canadian construction approvals, European sovereign programmes in the UK, Czechia and Sweden, China’s Linglong One demonstration, India’s Nuclear Energy Mission and early development agreements across Africa and the Middle East.

Scope of the Visiongain Report

Reactor Type: Water-Cooled SMR; Advanced SMR

Configuration: Land-Based SMRs; Marine-Based / Floating SMRs; Multi-Module / Integrated SMR Plants

Reactor Capacity: ≤20 MWe; >20–50 MWe; >50–150 MWe; >150–300 MWe

Application: Grid & Utility Electricity; Industrial Process Heat & Cogeneration; Data Centers, Defense & Other Specialized Applications; Hydrogen, Desalination & District Energy; Remote & Off-Grid Power

Deployment & Commercial Model: Utility-Owned / Utility-Led Deployment; Government & Defense Deployment; Data Center / Technology Company Deployment; Energy-as-a-Service / BOO / PPA Models; Industrial / Mining Deployment; Other Partnerships & Financing Models

Regions: North America; Europe; Asia-Pacific; Middle East & Africa; Latin America

National Markets: U.S., Canada, Russia, UK, Czech Republic, Poland, Sweden, China, India, Japan, South Korea, Indonesia, GCC, South Africa, Brazil, Argentina, and Rest of regions

Competitive Landscape

Developers are pursuing different routes to market. Water-cooled leaders are ahead on licensing and construction, while advanced SMR developers are targeting higher-temperature heat, data-centre and floating applications. Competitive differentiation is increasingly shaped by licensing progress, technology maturity, financing, manufacturing capacity, fuel availability and the ability to establish repeatable multi-unit deployment models.

• NuScale Power Corporation
• GE Vernova Hitachi Nuclear Energy
• Rolls-Royce SMR Limited
• Westinghouse Electric Company LLC
• Holtec International
• State Atomic Energy Corporation ROSATOM
• China National Nuclear Corporation (CNNC)
• Korea Hydro & Nuclear Power Co., Ltd. (KHNP)
• TerraPower LLC
• X-Energy Inc.
• Kairos Power LLC
• Terrestrial Energy Inc.
• ARC Clean Technology
• Newcleo plc
• Saltfoss Energy (formerly Seaborg Technologies)

Recent Developments

• 29 September 2026: The U.S. NRC issued TVA a construction permit for a GE Vernova Hitachi BWRX-300 at Clinch River, the first BWRX-300 permit in the United States.
• 14 September 2026: The IAEA raised its nuclear capacity projections for the sixth consecutive year, projecting that global capacity could more than triple by 2060, with SMRs a significant new source.
• 4 September 2026: The Korea Atomic Energy Research Institute agreed to provide fuel fabrication and corrosion evaluation services to Saltfoss Energy for its seaMSR-100 floating molten salt reactor.
• July 2026: Rolls-Royce SMR, ČEZ and the Czech Ministry of Industry and Trade signed a memorandum to begin site preparation at two further Czech SMR sites.
• June 2026: X-energy submitted its application to enter the Xe-100 into the UK Generic Design Assessment process.
• 7 May 2026: Terrestrial Energy and Riot Platforms agreed to develop data centres with co-located Integral Molten Salt Reactor plants at multiple candidate sites.
• May 2026: Rosatom shipped the first RITM-200S reactor unit for a floating nuclear power unit to supply mining operations in Russia’s Far East.
• 24 April 2026: X-energy listed on Nasdaq in an initial public offering that raised more than US$1 billion.
• 23 April 2026: TerraPower began nuclear construction of its Natrium plant at Kemmerer, Wyoming, following the NRC construction permit issued in March.
• 17 April 2026: Kairos Power broke ground on its Hermes 2 demonstration plant in Oak Ridge, Tennessee.
• April 2026: Rolls-Royce SMR and Great British Energy – Nuclear signed the contract for three 470 MWe SMRs at Wylfa, with a National Wealth Fund facility of up to £599 million.

Related Visiongain Market Reports

• Nuclear Power Ecosystem Market Report 2027-2037
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• Nuclear Power Plant Market Report 2025-2035
• Nuclear Waste Management Market Report 2024-2034

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